During the 1978 – 1979 school year, it cost the modern equivalent of $17,680 per year to attend a private college and $8,250 per year to attend a public college. By the 2008 – 2009 school year those costs had grown to $38,720 at private colleges and $16,460 at public colleges.
Today, those costs are closer to $48,510 and $21,370, respectively. That means costs increased by roughly 25.3% at private colleges and about 29.8% at public colleges.
Still, earning a college degree remains a strong investment.
In 2018, college graduates earned weekly wages that were 80% higher than those of high school graduates. The Bureau of Labor Statistics reports that Americans with a bachelor’s degree have median weekly earnings of $1,173, compared to just $712 a week for those who have a high school diploma.
But as the cost of college has increased and student debt has become a national concern, Americans have begun to question if college is worth the cost.
CNBC Make It analyzed data from The College Board to determine how much college costs — including tuition, fees, room and board — increased this decade.